Under the current structure, RBI's nominees can reportedly take decision on their own, without keeping key stakeholders in the loop. So, the government is expected to ask the RBI to at least seek comments, if not approval, on issues that can impact the overall economy.

The brokerage is concerned about patchy monsoon, election season, rising twin deficits, high crude prices, weak INR, slowing Chinese economy, trade wars, etc. It wonders whether the market will recover at all or whether a bear market is the next phase?